Global cross-border payments company LianLian Global is introducing a multi-currency digital wallet for cross-border transactions that can be used by U.S. merchants selling on international marketplaces.
The digital wallet is intended to speed up payments while making them more accessible and less expensive than traditional bank transfers, according to a press release emailed to PYMNTS.
LianLian Global’s cross-border wallet enables eCommerce merchants of all sizes to make payments up to $1.5 million at a time in multiple currencies, including the Canadian dollar, Hong Kong dollar, British pound sterling, European euro, Chinese yuan and Polish złoty.
“Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates,” said LianLian Global Executive Chairman David Messenger. “Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX.”
In December, LianLian Global was granted its final money transmitter license in the U.S., making it licensed in all 50 states. The company said in a press release at the time that becoming licensed throughout the entire U.S. was the culmination of four years of work.
“LianLian Global’s Cross-Border Wallet is an ideal growth partner for our business,” Jeremy Cai, founder of U.S. online retailer Italic, said in the release sent to PYMNTS. “With the new platform, we can secure our supply chain networks in China and other parts of the world because the digital wallet ensures we can make and receive payments quickly, efficiently and safely.”
“The extra time allows us to focus on growing and diversifying our business into hundreds of high-quality goods across a range of home, fashion, and lifestyle categories,” Cai added.
LianLian Global has offices in 12 different countries and works with more than 1.2 million eCommerce stores to help them grow their cross-border businesses, according to the release. The company owns over 60 licenses worldwide.